Retirees may need to adjust their financial plans in light of changes introduced by the recently passed Big Beautiful Bill (BBB). The new legislation brings one of the largest tax cuts in history for middle- and working-class Americans,

Trump's flagship tax and spending law is expected to have a material (and adverse) impact on America's leading retirement program.

Roughly 100,000 Wyoming retirees are expected to benefit from a new federal deduction that eliminates taxes on most Social Security income.

Roughly 4 million Texas retirees are expected to benefit from a new federal deduction that eliminates taxes on most Social Security income starting in 2026. The One Big Beautiful Bill could

The White House issued a statement on July 1 saying that "Under the One Big Beautiful Bill, the vast majority of senior citizens — 88% of all seniors who receive Social Security — will pay NO ...

The "big beautiful bill" includes a $6,000 additional deduction for certain older Americans ages 65 and over. However, the legislation does not end federal income taxes on Social Security benefits.

Roughly 1 million South Carolina retirees are expected to benefit from a new federal deduction that exempts most Social Security income from taxes starting in 2026. The One Big Beautiful Bill

The Trump bill — which was enacted in early July — introduces an additional tax deduction for taxpayers who are 65 or older. The deduction could be up to $6,000 for an individual tax filer and up to $12,000 for a married couple if both spouses qualify.

In order to qualify for the maximum Social Security benefit, you'll also have to earn the maximum for each of the 35 years of earnings that are used to calculate your benefits. That doesn't mean earning umpteen kazillion bajillion dollars each year, though.